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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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Synthetic risk transfer markets have had another good year, with the core group of banks active in the market returning to issue, smaller firms mulling the market, and investors raising new cash to buy deals. But perhaps most exciting is the development of a whole new issuer base, in the shape of multilateral development banks, following the landmark ‘Room2Run’ deal between the African Development Bank and Mariner Investment Group. -
US CLO issuance has almost entirely tapered off in the final weeks of the year, but a select few deals are crawling through the pipeline even while spreads are near recorded highs for 2018.
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Leveraged loan prices are plummeting in secondary trading and CLO managers are scrambling to market new deals even after US equities have recovered from their recent tumble.
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The Secured Overnight Financing Rate (Sofr), the chosen alternative to dollar Libor rates, has shown more volatility, spiking to an all-time high toward the end of last week before moving back down this week.
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CLO market sources tell GlobalCapital that Natixis has been unable to successfully market a CLO reset on behalf of Trinitas Capital Management and will delay the offering until early 2019 as investors balk at tight spreads in a highly volatile market.
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Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week.
